https://www.taxtmi.com/caselaws?id=120600 The Tribunal determined that the gifts received by the assessee on his 80th birthday were not taxable as income from business or profession under section 28(iv) of the Income-tax Act. The gifts were deemed not to constitute income as they were given out of personal regard and respect, without any contractual, legal, or customary obligations. The appeal by the assessee was allowed, resulting in the deletion of the addition made by the Assessing Officer. en-us Fri, 29 Feb 2008 00:00:00 +0530 Fri, 22 Dec 2023 18:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120600 The Tribunal determined that the gifts received by the assessee on his 80th birthday were not taxable as income from business or profession under section 28(iv) of the Income-tax Act. The gifts were deemed not to constitute income as they were given out of personal regard and respect, without any contractual, legal, or customary obligations. The appeal by the assessee was allowed, resulting in the deletion of the addition made by the Assessing Officer. Case-Laws Income Tax Fri, 29 Feb 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120600